£229m pensions tax relief goes unclaimed

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Tens of thousands of pension savers are failing to claim tax breaks worth up
to £229 million a year, according to new research.

Around one in four higher rate taxpayers saving into a defined contribution
pension are missing out on an average £1,255 a year, claimed the insurer
Prudential today. It estimates that some 182,500 40 per cent payers are
failing to claim the full tax relief on their contributions.

The amount of unclaimed tax relief could be even higher as another 15 per cent
of higher rate taxpayers do not know whether they are claiming the relief or
not.